What Is The Definition Of The Global Octadecanedioic Acid Market?
Octadecanedioic acid is a long-chain dicarboxylic acid with the chemical formula C18H34O4. It is used as a monomer in the production of polyamides, polyesters, and other polymers, providing properties such as enhanced durability and flexibility. Additionally, it serves as an intermediate in organic synthesis and specialty chemical manufacturing.
Octadecanedioic Acid Global Market Report 2024 provides data on the global octadecanedioic acid market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Octadecanedioic Acid market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Octadecanedioic Acid Market Size Expected To Expand, And At What Annual Growth Rate?
The octadecanedioic acid market has experienced robust growth in recent years, with its size rising from $8.02 billion in 2023 to $8.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. This growth is due to increased demand for soaps and detergents, the rising use of octadecanedioic acid in rubber processing, heightened awareness of environmental concerns and regulations, increased investments, and growing demand for automotive products. The market is projected to continue growing, reaching $10.57 billion by 2028 at a CAGR of 5.7%. This expected growth is supported by a rising demand for eco-friendly solutions, a preference for sustainable products, increased demand for pharmaceuticals and cosmetics, and higher demand for engineering polymers. Key trends in the forecast period include technological innovations, new product launches and developments, rising investments, and strategic partnerships.
What Are The Key Drivers Fueling Growth In The Octadecanedioic Acid Market?
The expanding pharmaceutical sector is projected to drive the growth of the octadecanedioic acid market. This sector, which involves the research, development, production, and distribution of medications and health-related products, is growing due to advances in medical research and technology, an aging global population, increasing chronic disease prevalence, rising healthcare expenditures, and broader access to healthcare in developing regions. Octadecanedioic acid is used in pharmaceuticals to improve drug delivery systems by enhancing stability, controlled release, and biocompatibility of medications. For instance, in June 2023, the European Federation of Pharmaceutical Industries and Associations reported that bio-pharmaceutical production in Europe reached $384.2 billion (€340 billion) in 2022, up by approximately 4.95% from $366.3 billion (€324 billion) in 2021. Hence, the growth of the pharmaceutical sector is a key driver for the octadecanedioic acid market.
Get Your Free Sample of the Global Octadecanedioic Acid Market Report
What Are The Principal Market Segments In The Global Octadecanedioic Acid Industry?
The octadecanedioic acid market covered in this report is segmented –
1) By Product Type: Powder, Liquid
2) By Application: Polyester Polyols, Lubricants and Greases, Powder Coatings, Personal Care Products, Other Applications
3) By End-Use: Automotive, Construction, Textiles, Cosmetics, Other End-Users
Biosynthetic Technologies LLC Acquires Innoleo LLC To Boost Its Bio-based Ingredient Portfolio
In January 2022, Biosynthetic Technologies LLC, a US-based chemical company, acquired Innoleo LLC for an undisclosed amount. With this acquisition, Biosynthetic Technologies aims to expand its portfolio and capabilities in sustainable, bio-based ingredients, strengthening its position across various industries such as personal care, cosmetics, and lubricants. Innoleo LLC is a US-based company that specializes in providing octadecanedioic acid which is one of their castor derivatives.
What Is The Leading Region In The Octadecanedioic Acid Market?
North America was the largest region in the octadecanedioic acid market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the octadecanedioic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
